Presidential Determination on Iranian Petroleum Supply

Original title: Presidential Determination Pursuant to Section 1245(d)(4)(B) and (C) of the National Defense Authorization Act for Fiscal Year 2012

Record date · November 7, 2024

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What This Bill Does

President Biden has determined that there is enough global petroleum supply from countries other than Iran to allow for a reduction in Iranian oil purchases. This action supports the enforcement of sanctions under the National Defense Authorization Act for Fiscal Year 2012.

Why it matters

This determination enables the U.S. to enforce financial sanctions against foreign institutions that continue to purchase oil from Iran.

Key Facts

The President determined sufficient non-Iranian petroleum supply exists to justify reducing purchases from Iran.
The decision is based on reports from the Energy Information Administration and global economic factors.
This determination is required by the National Defense Authorization Act for Fiscal Year 2012.